Fincare crosses Rs 1,000 Crore Deposits in the First Year

Mumbai, July 18, 2018: In an event graced by Brand Ambassador Grand Master Viswanathan Anand, Fincare Small Finance Bank celebrated its first anniversary and announced its entry into Mumbai. In the first year of existence, the bank has garnered deposits of over Rs. 1,000 crores and built a gross loan portfolio of over Rs 2,500 crores, taking its financial inclusion agenda to over a million low income, rural and semi-urban households.

As part of its plan to expand its retail banking presence, Fincare SFB will soon be launching its operations in Mumbai. Speaking at the Smart Banking Anniversary event, Mr. Rajeev Yadav, MD and CEO, Fincare Small Finance Bank said, “In the past year, the Bank’s distribution network has grown to 364 banking outlets, spread across 8 states and one Union Territory in West, South and North India. In FY 19, the bank seeks to enter and strengthen presence in metro markets such as Mumbai, Bangalore, Hyderabad and the National Capital Region, taking our network of banking outlets to over 500. The bank’s first branch in Mumbai will be operational this quarter.”

Speaking about the roadmap set forth by the organization, Mr. Yadav said, “In FY19, the bank is targeting a loan book of Rs. 4,000 crores. The launch of affordable housing finance and two-wheeler loans will strengthen our loan offering to our customers. We have opened savings accounts for over a lakh microloans customers, and are in the process of expanding this to our million plus customers during this year, bringing them into the formal banking system.”

Grandmaster Viswanathan Anand, Brand Ambassador for Fincare Small Finance Bank, said, “It is great to see digital innovation being used by Fincare to bring financial products and services to the underbanked segments. I am proud to have partnered with Fincare on this journey over the past one year.”

As part of the anniversary celebration, Fincare SFB also announced its strategic partnership with Oxigen. The partnership will further augment the bank’s brick and mortar network by setting up Business Correspondent outlets, as well as expand its product and service offerings. Through Oxigen,Fincare SFB offers bill pay services to its customers through internet and mobile banking, and looks to expand to other payments services such as POS network, micro-ATMs, pre-paid cards, Bharat Bill Payment System (BBPS), Bharat QR and Aadhaar Enabled Payment System (AEPS). Oxigen has a retail network of 100,000 outlets, with 35000 of them, who are currently already conducting the branchless banking business.

Speaking on the occasion, Mr. Sunil Kulkarni, Joint MD, Oxigen Services said, “Oxigen has pioneered a financially viable Branchless Banking model with its MicroATM SuperPoS that does real time branchless banking, merchant payments and services aggregation at a BC Agents’ points of presence. We are very excited to extend the benefits of the model through this strategic partnership of becoming a National BC for Fincare Small Finance Bank. We look forward to setting up their branchless banking points as well as Mobile BC Agents for taking Fincare’s banking solution to the unbanked/underbanked segments.”

The small finance bank commenced operations in July 2017, following the in-principle approval awarded by the RBI to 10 entities in September 2015.